Eni: stock up following analyst upgrade
(CercleFinance.com) - Shares of Italian energy group Eni are up over 1% on Wednesday, following an analyst upgrade that cited attractive fundamentals in the oil and gas industry.
The stock of the Milan-based company was up 1.1% at 14.3 euros on the Borsa Italiana, after Berenberg upgraded the stock from "hold" to "buy".
The broker has cut its target price for the share from 18.5 euros to 17.6 euros.
While Berenberg has lowered its forecast for oil to an average of 65 dollars per barrel in 2019, from 82.5 dollars previously, it said that fundamentals for 2019 are still "attractive."
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The stock of the Milan-based company was up 1.1% at 14.3 euros on the Borsa Italiana, after Berenberg upgraded the stock from "hold" to "buy".
The broker has cut its target price for the share from 18.5 euros to 17.6 euros.
While Berenberg has lowered its forecast for oil to an average of 65 dollars per barrel in 2019, from 82.5 dollars previously, it said that fundamentals for 2019 are still "attractive."
Copyright (c) 2019 CercleFinance.com. All rights reserved.